John you would need to pay down the balance or refinace the home when you get to a 20% equity possition to make your PMI go away. Equity can be hit by appreciation or you paying extra monthly on your loan. The market will not stay like this forever so you should see some appreciation in the future.... more
As short sales get more main stream, they actually do not take that long anymore as long as you are working with an experienced agent. However, its not the buyers agent that has much pull in a short sale, it really depends on the selling agent on how thorough he/she is in following up with the lender(s).... more
FHA loan requires:
620 credit score
2 year employment
3.5% or more down payment
Try lower your debt and credit scores will increase
Also speak with mortgage broker for suggestions.
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Credit scores for all buyers are important, Pretty libral, I recently did a loan as low as 620 middle score. Biggest thing you need to look at is debt to income ratios, I some attached a link to FHA guidelines. Most are not aware that there is also down payment assistance available. I just closed last week on a great property in Pinole, buyer came out of pocket on a 400k property only $4000.00.
Contact metomorrow and I would be happy to share more.
Nuisances like roads and railroads do affect market value. If you are satisfied with the home you will be buying at a discount and when you sell later you will be selling at a discount. Also expect the market times to be longer than ususal as well. The upside is that some of those homes have fantastic views for you to quietly enjoy between trains which is most of the time.... more